I think the issue is the requirement to have a registered director located in Singapore.

Also, if you plan to apply for residency using the EntrePass it appears you need to have $50k SGD in "paid up capital", which is about $40,000 USD. I'm not sure what "paid up capital" means, though. (EG: is a business making $4,000 a year in profit valued at $40,000 thus considered to have $40k in paid up capital? Or does it mean you need to put $50k SGD in a local bank to sit there as a form of a bond?)